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GreenCell Mobility raises Rs 3,000 Cr in debt from Rural Electrification Corporation

The funds will be used to acquire 3,000 buses, establish a charging network, and support battery energy storage initiatives and alternative fuel bus projects.

GreenCell Mobility raises Rs 3,000 Cr in debt from Rural Electrification Corporation

Tuesday July 25, 2023 , 2 min Read

Shared e-mobility company GreenCell Mobility has raised Rs 3,000 crore in debt from Rural Electrification Corporation (REC) to purchase e-buses and invest in various sectors of sustainable mobility.

As part of the agreement, the company will be able to avail itself of financial assistance from REC over the next five years, up to March 2028.

The funds will be used to purchase 3,000 e-buses, establish an e-charging network, and support alternative fuel technology bus projects and battery energy storage initiatives.

"With REC Limited's financial backing, our vision of revolutionising urban mobility, minimising carbon emissions, and improving the well-being of our communities comes one step closer to reality," said Devndra Chawla, CEO and Managing Director, GreenCell Mobility.

Founded in 2019, GreenCell Mobility inked a deal with the Asian Development Bank and Clean Technology Fund to raise $55 million for the acquisition of 255 e-buses.

It also received $325,500 in grants from Clean Technology Fund and $5.2 million from Goldman Sachs and Bloomberg's Climate Innovation and Development Fund.

GreenCell's electric mobility-as-a-service platform aims to electrify India's mass mobility systems, especially shared mobility platforms such as inter- and intra-city buses.

It has so far deployed 850 buses across the country and set up 190 charging stations.

The company is backed by Eversource Capital, the investment manager for Green Growth Equity Fund, India's largest climate fund.


Edited by Affirunisa Kankudti